Insider Selling: Prosperity Bancshares, Inc. (NYSE:PB) Director Sells 500 Shares of Stock

Prosperity Bancshares, Inc. (NYSE:PB - Get Free Report) Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total transaction of $35,990.00. Following the sale, the director directly owned 97,415 shares of the company's stock, valued at approximately $7,011,931.70. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Prosperity Bancshares Stock Performance

Shares of PB stock traded up $1.09 during trading hours on Thursday, hitting $73.49. 141,572 shares of the company were exchanged, compared to its average volume of 602,961. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 0.99 and a beta of 0.68. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.76. The business's 50-day simple moving average is $70.92 and its two-hundred day simple moving average is $72.32.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. Prosperity Bancshares's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.18 earnings per share. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.16%. Prosperity Bancshares's payout ratio is currently 44.19%.

Institutional Investors Weigh In On Prosperity Bancshares

Large investors have recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its holdings in shares of Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after acquiring an additional 409 shares in the last quarter. Atria Investments Inc acquired a new position in Prosperity Bancshares in the 4th quarter worth approximately $225,000. Raymond James Financial Inc. acquired a new position in Prosperity Bancshares in the 4th quarter worth approximately $8,643,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Prosperity Bancshares by 5.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,358 shares of the bank's stock worth $1,233,000 after purchasing an additional 841 shares during the period. Finally, HighTower Advisors LLC boosted its stake in Prosperity Bancshares by 18.9% in the 4th quarter. HighTower Advisors LLC now owns 25,756 shares of the bank's stock worth $1,941,000 after purchasing an additional 4,096 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Royal Bank Of Canada decreased their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Barclays decreased their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.